Customer Data and Privacy: The Insights You Need from Harvard Business Review. HBR is providing a good series of article addressing how your data is collected and the impact upon your privacy.
For some, this may be rather jarring. Nevertheless, how did Facebook generate $116 Billion in revenue in 2022? Accordingly the sale of ads on Facebook is…. you. Yes, in fact you are what Facebook is selling.
It would also be fair to understand the role of Machine Learning coupled with Data Science that created this revenue stream. Facebook is collecting every ‘Like’ you make, every photo uploaded is scanned with facial recognition and every article posted is data mined.
Add this all up and Facebook is literally sitting on overwhelmingly vast amounts of user data. To their credit, Facebook has become the champion of mining profits from all the data they have about you.
Yet are these companies also building trust with you? They know everything about you, and when combined with ‘free’ apps, the tracking continues. We are aware of Europe’s General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA). Yet for everyone not living in California, there is a real lack of regulation. This allows companies to remain in control of you.